Iron Condor on Cellectis (CLLS)
An iron condor on Cellectis (CLLS) is a neutral / range-bound options strategy, anchored to CLLS's real 0.9665 USD price as of 2026-10-26. See how it works, an illustrative strike setup, and max profit/loss/breakeven below — not a live option quote.
Last updated 2026-10-26 · Source: end-of-day close (real price); strikes illustrative, educational only — not a live option quote
How does an iron condor on CLLS work?
An iron condor on Cellectis sells an out-of-the-money call spread and an out-of-the-money put spread, profiting if CLLS stays between the short strikes into expiry. It is a defined-risk, range-bound strategy.
Outlook: neutral / range-bound. Real reference price: 0.9665 USD (as of 2026-10-26).
How to set up the iron condor (illustrative)
| Leg | Detail (illustrative) |
|---|---|
| Sell | call illustratively ~1.0148 USD and buy call ~1.0632 USD (call spread) |
| Sell | put illustratively ~0.9182 USD and buy put ~0.8699 USD (put spread) |
Strikes are illustrative percentages of the real price, not live option quotes. Pick actual strikes and expiries from a broker's option chain.
Max profit, max loss and breakeven
| Max profit | the net credit received, kept in full if CLLS settles between ~0.9182 USD and ~1.0148 USD |
|---|---|
| Max loss | spread width − net credit (here the illustrative spread width is about 0.0484 USD) |
| Breakeven | short put strike − credit, and short call strike + credit |
When to use it — and the risks
When: When you expect CLLS to trade in a range with falling or stable volatility into expiry.
Risks: Losses occur on a large move beyond either short strike; defined-risk but the max loss can exceed the credit collected.
Related research pages
More on CLLS
Frequently asked questions
What is an iron condor on CLLS?
An iron condor on CLLS combines a short call spread above the market and a short put spread below it, collecting a net credit that's kept in full if price stays inside both spreads.
How do you set up an iron condor for CLLS?
Sell a call spread roughly 1.0148 USD-1.0632 USD and a put spread roughly 0.8699 USD-0.9182 USD, bracketing the current 0.9665 USD price. Real strikes and widths should come from the live option chain.
What is the max profit and loss?
Max profit is the credit collected if CLLS stays between the short strikes; max loss is the spread width minus that credit if price breaks out either side.
When should you use an iron condor on CLLS?
Best when you expect CLLS to stay range-bound with falling or stable implied volatility into expiry — not ahead of an event likely to cause a big move.